Weekly Economic Report N 49 December 26, 2014

02/11 04/11 06/11 08/11 10/11 12/11 02/12 04/12 06/12 08/12 10/12 Weekly Economic Report N 49 December 26, 2014 Indicators Currency recorded a growth rate of 11.8 percent In the last twelve months Corporate prime rate at 4.7 percent so far this month Country risk at 170 percent Content Corporate prime rate in soles at 4.7 percent Interest rate and monetary operations Exchange rate and foreign exchange operations International reserves amount to US$ 64.0 billion at December 23 Country risk at 170 basis points ix x xi xii xii Currency On December 23, 2014, currency in circulation that is, banknotes and coins held by the public recorded a growth rate of 11.8 percent in the last 12 months, the highest rate year-to-date. Currency in circulation (Annual ) 30.0 25.0 20.0 15.0 10.0 11.8 5.0 0.0 Corporate prime rate in soles at 4.7 percent At December 23, the corporate prime rate the interest rate charged by commercial banks to lower risk businesses in soles registered a daily average rate of 4.7 percent (4.4 percent in the previous month). The corporate prime rate in dollars in the same period was 0.7 percent. Average interest rate (%) Domestic currency 07/14 09/14 11/14 Interbank 90-days corporate prime rate 3.5 3.7 3.8 3.84.0 3.6 3.9 Foreign currency 07/14 09/14 11/14 Interbank 0.1 0.1 0.1 0.2 0.2 0.3 0.2 90-days corporate prime rate 07/14 09/14 11/14 4.5 4.6 4.75.0 4.4 4.4 4.7 07/14 09/14 11/14 0.6 0.7 0.7 0.8 0.7 0.80.9

Interest rate and monetary operations At December 23, the interbank interest rate in soles showed a rate of 3.85 percent. The monetary operations carried out by the Central Bank at December 23 have been aimed at injecting liquidity into the market in the short-term to meet financial entities current account requirements. The Central Bank also continued with its regular placements of BCRP-CDs three times a week, placing CDs for a total of S/. 845 million with the purpose of contributing to increase liquidity in the secondary market of these instruments. - Repos: At December 23, the BCRP has placed overnight repos for a daily average of S/. 2.77 billion, 1-week repos for a total of S/. 1 billion, and 3-month repos for a total of S/. 300 million. The balance of these operations at this date was S/. 2.42 billion, with an average interest rate of 3.92 percent. - Currency repos: the BCRP placed 12-month currency repos for a total of S/. 3.9 billion. The balance of these operations at December 23 was S/. 7.79 billion, with an average interest rate of 4.27 percent. - BCRP-CDs: 6-month BCRP-CDs for a total of S/. 300 million were placed at an average rate of 3.51 percent; 12-month BCRP-CDs for a total of S/. 278 million were placed at an average rate of 3.47 percent, and 18-month BCRP-CDs for a total of S/. 267 million were placed at an average rate of 3.42 percent. The balance of BCRP-CDs at December 23 was S/. 15.48 billion with an average rate of 3.64 percent. - Overnight deposits: overnight deposits showed a daily average of S/. 649 million. The balance of overnight deposits at December 23 was S/. 1.1 billion. At December 23, the Central Bank has also made operations in the spot foreign exchange market to reduce volatility in the foreign exchange rate. - Interventions in the foreign exchange market: the BCRP sold FC for a total of US$ 650 million in the spot market at an average exchange rate of S/. 2.96 per US dollar. - FX-Swaps: the BCRP placed Sell-FX Swaps for a total of S/. 6.60 billion (US$ 2.23 billion). The balance of these instruments at December 23 was S/. 16.40 billion. - CDR BCRP: the Central Bank placed CDR-BCRP for a total of US$ 227 million (S/. 670 million) at an average interest rate of 0.06 percent. The balance of these operations at December 23 was US$ 852 million (S/. 2.50 billion). Monetary and foreign exchange operations (Million S/.) Balance Placement (Interest rate) (Interest rate) 30/11/14 Overnight 1-week 2-month 3-month 6-month 12-month 18-month Maturities Monetary operations Injection Sterilization Repos Currency repos CD BCRP Overnight deposits 1,515 2,415 44,328 1,000 300 44,728 (3.73%) (3.92%) (3.94%) (3.81%) (4.62%) 5,092 7,792 3,900 1,200 (4.15%) (4.27%) (4.27%) 15,635 15,480 300 278 267 1,000 (3.66%) (3.64%) (3.51%) (3.47%) (3.42%) 1,188 1,100 10,378 10,466 (2.30%) (2.30%) (2.30%) Foreign exchange operations CDR BCRP FX-Swaps 2,740 2,495 290 380 915 (0.10%) (0.07%) (0.04%) (0.07%) 12,659 16,398 2,100 3,598 900 2,860 (0.04%) (-0.04%) (0.00%) (-0.12%) (-0.61%) x

02/12 04/12 06/12 08/12 10/12 02/11 04/11 06/11 08/11 10/11 12/11 02/12 04/12 06/12 08/12 10/12 Million US$ Nuevos soles per US dólar Exchange rate and foreign exchange operations On December 23, the average selling price of the dollar in the interbank market closed at S/. 2.977 per dollar, which represents a rise of 0.2 percent in the exchange rate in the last week. Exchange rate and foreign exchange intervention 600 400 Purchases 3.0 2.9 200 2.8 0-200 2.7 2.6-400 Net purchases US$ -600 Net maturities of CDR BCRP Net maturities of FX-Swaps Sales 2.5 Foreign exchange -800 2.4 The dollar has been showing an appreciatory trend against most other currencies in recent months, as reflected in the evolution of the FED index since January 2013. This appreciation of the dollar is associated with expectations that the Federal Reserve (Fed) will start normalizing its interest rates after it decided to end its quantitative easing program in October. Fed index 1/ 112 110 110.1 108 106 104 102 100 98 96 1/ Calculated taking into account currencies of US trading partners weighted by contributions. A rise in the index represents an appreciation of the US dollar. Source: FED. In December 17-23, the BCRP sold FC for a total of US$ 100 in the foreign exchange market and placed Sell-Currency Swaps for a net total of S/. 900 million (US$ 304 million) to reduce volatility in the foreign exchange rate. xi

International reserves amount to US$ 64.0 billion at December 23 02/11 04/11 06/11 08/11 10/11 12/11 02/12 04/12 06/12 08/12 10/12 International reserves at December 23, 2014 amounted to US$ 64.0 billion. At the same date, the foreign exchange position of the BCRP was US$ 38.18 billion. Net International Reserves (Million US$) 70,000 60,000 63,999 50,000 40,000 30,000 20,000 10,000 0 International Markets Country risk at 170 basis points Country Risk Indicators (Bps.) 700 610 EMBIG Peru EMBIG Latam In December 16-23, the country risk, measured by the EMBIG Peru spread, fell from 222 bps to 170 bps. The Latin American spread fell 97 bps, favored by the sound growth of the U.S. economy in the third quarter and by less fears of a Russian crisis. 520 430 340 250 160 70 505 170 Variation in basis points Weekly Monthly Annual EMBIG Perú (bps) 170-52 6 0 EMBIG Latam (bps) 505-97 50 109 xii

Price of gold at US$ 1,175.8 per troy ounce In December 16-23, the price of gold declined 2.2 percent to US$ 1,175.8 per troy ounce. The price of gold was affected by the strength of the dollar against the euro and by expectations that Russia will sell part of its gold reserves to combat the crisis. Gold Price (US$/ troy ounce) 1,800 1,600 1,400 1,200 1,000 800 1,176 Weekly Monthly Annual US$ 1,175.8 / troy oz. -2.2-2.3-1.9 Copper Price (cus$/pound) 400 In the same period, the price of copper fell 0.4 percent to US$ 2.89 per pound. The price of copper fell affected by concerns about China s weak demand after the contraction of manufacturing in this country as well as by expectations of a global surplus of copper supply next year. 350 300 250 200 Weekly Monthly Annual -1.0 5.9 126.9 US$ 2.89 / pound -0.4-6.3-12.2 289 Zinc Price (cus$/pound) 120 110 98 In December 16-23, the price of zinc increased 0.6 percent to US$ 0.98 per pound. 100 90 80 This increase in the price of zinc reflected investors opportunities in the zinc market due to the lower prices observed last week. 70 60 Weekly Monthly Annual US$ 0.98 / pound 0.6-6.3 4.0 xiii

In the week of December 16-23, the price of WTI oil rose 1.7 percent to US$ 56.9 per barrel. The rise in the price of crude oil was driven by forecasts of stronger economic indicators in the United States although the price of crude is still affected by downward pressures due to the oversupply of crude. WTI Oil Price (US$/barrel) 110 90 70 50 Weekly Monthly Annual US$ 56.9 / barrel 1.7-25.5-42.3 57 US dollar appreciated against the euro Evolution of US$ per Euro (US$/Euro) 1.5 In the same period, the US dollar appreciated 2.7 percent against the euro given that indicators showed that in the third quarter the U.S. economy had registered its highest growth rate in 11 years. 1.4 1.3 1.2 1.1 1.0 1.22 Yield on 10-year US Treasuries at 2.26 percent Level Weekly Monthly Annual US dollar/euro 1.22-2.7-1.8-11.1 Between December 16 and December 23, the 3-month Libor rose 1 basis point to 0.26 percent. 3-Month Libor and 10-Year US Treasuries (%) 4 10 year US Treasury bond 3-month libor 3 2 2,26 The yield on the 10-year US Treasury bonds rose 20 bps to 2.26 percent after data showed the positive performance of the U.S. economy. Declining concerns of a crisis in Russia also contributed to this rise. 1 0,26 0 Variation in basis points Weekly Monthly Annual 3 months Libor (%) 0.26 1 2 1 US Treasuries (%) 2.26 20-5 -67 xiv

Trading volume - Million S/. General index Base Dec.1991=100 Lima Stock Exchange In December 16-23, the General Index of the Lima Stock Exchange (LSE) rose 3.0 percent and the Selective Index rose 3.4 percent. The evolution of both indices was favored by the good performance of industrial shares and food and beverage shares associated with expectations of an improvement in domestic demand in the following month. Lima Stock Exchange Indicators 300 200 100 0 Trading Volume General Index 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 Year-to-date, the General Index has fallen 7.6 percent and the Selective Index has fallen 12.9 percent. As of: compared to: 16/12/14 28/11/14 31/ General Index 14,551 3.0-3.7-7.6 Selective Index 19,929 3.4-4.0-12.9 xv

BANCO CENTRAL DE RESERVA DEL PERÚ RESUMEN DE OPERACIONES MONETARIAS Y CAMBIARIAS: 2014 (Millones de Nuevos Soles) 17 Diciembre 18 Diciembre 19 Diciembre 22 Diciembre 23 Diciembre 1. Saldo de la cuenta corriente de las empresas bancarias antes de las operaciones del BCR 1 095,7 1 062,5 2 258,4 2 537,1 2 479,7 2. Operaciones monetarias y cambiarias del BCR antes del cierre de operaciones a. Operaciones monetarias anunciadas del BCR i. Subasta de Certificados de Depósitos del BCRP (CD BCRP) 67,0 78,0 100,0 Propuestas recibidas 67,0 218,0 172,0 Plazo de vencimiento 540 d 357 d 171 d Tasas de interés:mínima 3,39 3,40 3,36 Máxima 3,60 3,75 3,70 Promedio 3,44 3,64 3,63 Saldo 15 302,1 15 380,1 15 380,1 15 480,1 15 480,1 Próximo vencimiento de CD BCRP el 08 de enero de 2015 1 649,8 1 649,8 Vencimientos de CD BCRP entre el 23 y el 26 de diciembre de 2014 0,0 0,0 ii. Subasta de Compra Temporal de Valores (REPO) 2 600,0 1 000,0 1 000,0 1 000,0 1 200,0 800,0 Propuestas recibidas 2 643,0 1 887,0 1 612,0 1 377,0 2 507,0 1 817,0 Plazo de vencimiento 1 d 8 d 1 d 3 d 1 d 1 d Tasas de interés:mínima 3,51 3,81 3,53 3,61 3,77 3,97 Máxima 3,68 3,81 3,93 3,85 3,87 3,97 Promedio 3,56 3,81 3,64 3,67 3,81 3,97 Saldo 3 215,0 2 615,0 2 615,0 2 815,0 2 415,0 Próximo vencimiento de Repo el 23 de diciembre de 2014 1 200,0 800,0 Vencimientos de REPO entre el 23 y el 26 de diciembre de 2014 2 200,0 1 800,0 vi. Subasta de Certificados de Depósitos Reajustables del BCRP (CDR BCRP) Propuestas recibidas Plazo de vencimiento Tasas de interés:mínima Máxima Promedio Saldo 2 495,0 2 495,0 2 495,0 2 495,0 2 495,0 Próximo vencimiento de Depósitos Reajustables del BCR el 29 de diciembre de 2014 205,0 205,0 Vencimientos de Depósitos Reajustables entre el 23 y el 26 de diciembre de 2014 0,0 0,0 vi. Compra con compromiso de Recompra de moneda extranjera 400,0 500,0 500,0 400,0 500,0 Propuestas recibidas 1556,4 1 772,4 1 368,8 1130,0 1 420,0 Plazo de vencimiento 365 d 365 d 365 d 367 d 365 d Tasas de interés:mínima 4,25 4,25 3,95 3,80 4,38 Máxima 4,51 4,40 4,26 3,90 4,51 Promedio 4,34 4,27 4,05 3,85 4,44 Saldo 5 891,5 6 891,5 7 291,5 7 291,5 7 791,5 Próximo vencimiento de Repo el 30 de diciembre de 2014 391,5 391,5 Vencimiento de REPO entre el 23 y el 26 de diciembre de 2014 0,0 0,0 vii. Subasta de Swap Cambiario Venta del BCRP 300,1 300,0 300,0 Propuestas recibidas 1100,0 748,7 500,0 Plazo de vencimiento 62 d 63 d 63 d Tasas de interés:mínima -0,51-0,55-0,77 Máxima -0,51-0,55-0,77 Promedio -0,51-0,55-0,77 Saldo 15 728,0 15 728,0 16 028,1 16 628,1 16 398,1 Próximo vencimiento de SC-Venta (23 de diciembre de 2014) 230,0 600,1 Vencimiento de SC-Venta entre el 23 y el 26 de diciembre de 2014 830,1 600,1 b. Operaciones cambiarias en la Mesa de Negociación del BCR 0,0 0,0 0,0 0,00 0,00 i. Compras (millones de US$) Tipo de cambio promedio ii. Ventas (millones de US$) Tipo de cambio promedio c. Operaciones con el Tesoro Público (millones de US$) 0,0 0,0 0,0 0,0 0,0 i. Compras (millones de US$) - Tesoro Público ii. Ventas (millones de US$) - Tesoro Público d. Operaciones en el Mercado Secundario de CD BCRP, CD BCRP-NR y BTP 0,0 0,0 0,0 0,0 0,0 i. Compras de CD BCRP y CD BCRP-NR ii. Compras de BTP 3. Saldo de la cuenta corriente de las empresas bancarias en el BCR antes del cierre de operaciones 4 028,7 3 984,5 3 658,4 3 637,1 3 779,7 4. Operaciones monetarias del BCR para el cierre de operaciones a. Compra temporal de moneda extranjera (swaps). Comisión (tasa efectiva diaria) 0,0119% 0,0120% 0,0119% 0,0118% 0,0118% b. Compra temporal directa de valores (fuera de subasta) Tasa de interés 4,30% 4,30% 4,30% 4,30% 4,30% c. Crédito por regulación monetaria en moneda nacional Tasa de interés 4,30% 4,30% 4,30% 4,30% 4,30% d. Depósitos Overnight en moneda nacional 485,6 482,2 866,7 459,7 984,0 Tasa de interés 2,30% 2,30% 2,30% 2,30% 2,30% 5. Saldo de la cuenta corriente de las empresas bancarias en el BCR al cierre de operaciones 3 543,1 3 502,3 2 791,7 3 177,4 2 795,7 a. Fondos de encaje en moneda nacional promedio acumulado (millones de S/.) (*) 10 770,4 10 488,7 10 567,6 10 336,3 10 406,9 b. Fondos de encaje en moneda nacional promedio acumulado (% del TOSE) (*) 11,2 10,9 10,9 10,7 10,8 c. Cuenta corriente moneda nacional promedio acumulado (millones de S/.) 5 027,0 4 939,7 4 859,9 4 595,4 4 666,0 d. Cuenta corriente moneda nacional promedio acumulado (% del TOSE) (*) 5,2 4,9 5,0 4,8 4,8 6. Mercado interbancario y mercado secundario de CDBCRP a. Operaciones a la vista en moneda nacional 998,4 996,0 1 188,0 888,0 1 114,6 Tasas de interés: Mínima / Máxima / Promedio 3,60/3,60/3,60 3,60/3,65/3,61 3,65/3,85/3,77 3,65/3,80/3,75 3,80/3,90/3,85 b. Operaciones a la vista en moneda extranjera (millones de US$) 35,0 150,0 202,0 142,0 152,0 Tasas de interés: Mínima / Máxima/ Promedio 0.15/0.15/0.15 0.15/0.15/0.15 0.15/0.15/0.15 0,15/0,20/0,17 0,15/0,20/0,17 c. Total mercado secundario de CDBCRP, CDBCRP-NR y CDV 7,0 0,0 0,0 45,3 Plazo 6 meses (monto / tasa promedio) 3,80 / 3,35 Plazo 12 meses (monto / tasa promedio) Plazo 24 meses (monto / tasa promedio) 7. Operaciones en moneda extranjera de las empresas bancarias (millones de US$) 16 Diciembre 17 Diciembre 18 Diciembre 19 Diciembre 22 Diciembre Flujo de la posición global = a + b.i - c.i + e + f 0,2 30,2 97,7-172,6 313,6 Flujo de la posición contable = a + b.ii - c.ii + e + f -106,5 12,9 46,4-20,3 209,6 a. Mercado spot con el público -343,0-104,4-128,4-176,1-58,7 i. Compras 274,7 411,8 417,1 298,7 512,2 ii. (-) Ventas 617,6 516,2 545,4 474,9 570,8 b. Compras forward al público (con y sin entrega) 162,4 79,3-158,9-100,2-77,1 i. Pactadas 434,1 412,2 267,7 208,6 347,2 ii. (-) Vencidas 271,7 333,0 426,6 308,8 424,4 c. Ventas forward al público (con y sin entrega) 154,6 61,9-210,2 153,7 20,7 i. Pactadas 418,5 346,0 167,1 284,3 169,5 ii. (-) Vencidas 264,0 284,1 377,4 130,6 148,8 d.. Operaciones cambiarias interbancarias i. Al contado 510,4 571,2 957,1 590,0 477,0 ii. A futuro 201,5 321,0 40,0 308,0 258,0 e. Operaciones spot asociadas a swaps y vencimientos de forwards sin entrega 128,6 91,1 147,4-21,9-1,5 i. Compras 260,2 270,9 365,6 125,3 145,5 ii. (-) Ventas 131,6 179,9 218,3 147,2 147,0 f. Operaciones netas con otras instituciones financieras 199,0-22,8-21,9 101,2 196,1 g. Crédito por regulación monetaria en moneda extranjera Tasa de interés Nota: Tipo de cambio interbancario promedio (Fuente: Datatec) 2,9697 2,9590 2,9404 2,9526 2,9722 (*) Datos preliminares d. = día(s) s. = semana(s) m. = mes(es) a. = año(s) xvi